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Search Results 0 to 8 of about 9 (some duplicates have been removed)
of gasoline comes as workers have less take-home pay, because of the expiration of a payroll tax holiday. so will consumers be forced to cut back spending, hurting economic growth, and stock market performance? >> not necessarily, because rising gasoline prices is usually predicated on a weaker dollar or better economic activity. better economic activity would lead to higher earnings. >> reporter: wolfberg says crude prices would have to jump $10 a barrel, or roughly 10%, before there's a major hit to the u.s. economy. erika miller, "n.b.r.," new york. >> tom: still ahead, the federal reserve is the latest target of a cyber attack, are companies taking cyber risks seriously? >> susie: on wall street today, a choppy day of trading with investors focused on new concerns about the outlook for europe's economy, and a new batch of corporate earnings. with more than half of the companies in the s&p reporting, quarterly results have been better than expected. still, by the closing bell, stocks were virtually unchanged. the dow rose seven points, the nasdaq fell three, and the s&p added nearly a poi
in large part on decisions made in washington in the next two months on spending and taxes. white house economic adviser alan krueger warns the automatic spending cuts known as the sequester could hurt the economy and job growth. washington bureau chief darren gersh spoke with him at the white house just after the employment report came out. darren began by asking there's a clear trend in the jobs numbers. >> today's report of 157,000 was a little bit above what the average has been for the previous 12 months, but i think if you look at the whole pattern, we see a job market that's gradually healing. over the last 35 months, our businesses have add 6.1 million jobs. that's moving in the right direction but we have a big hole to dig our way out of because the financial crisis was so deep >> darren: it doesn't look like in the job numbers that the fiscal cliff scared employers from hiring people but that didn't show up. were you surprise bide that? >> i think our economy has been resilient. investment was strong in the fourth quarter particularly in equipment and software. we're seeing si
raising tax rates? mr. obama makes news in his cbs interview. should scouting be open to gays? and byron pitts tells us how a killer once committed to a mental hospital got a permit by-to-buy 15 guns. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. the f.b.i. has stormed an underground shelter today, shooting to death a kidnapper and freeing a five-year-old boy unharmed. the boy, whose first name is ethan, had been held for seven days outside midland city, alabama. the family allowed us to show you his picture. the police say that ethan was kidnapped last tuesday from a school bus by 65-year-old jimmy lee dykes who neighbors have described as belligerent. mark strassmann is on the scene with the breaking news tonight. mark? >> reporter: scott, here's what happened in the final minute. two muffled bangs could be heard behind me in the direction of the shelter. an ambulance that had been parked nearby since the start of the standoff raced up the hill. about a minute later, local deputies and f.b.i. agents were patting themselves on the
for more increases in tax rates. he said that in an interview with cbs news that was broadcast live before the super bowl. mr. obama signed a bill raising rates on higher-income americans last month but this is the first time that he's said that he doesn't intend to extend higher rates to more taxpayers. it's a change from the position that he's held for many months. >> we can't get this done unless we also ask the wealthiest households to pay higher taxes on their incomes above $250,000. >> pelley: that was mr. obama before the election and he made the same points in another way eight weeks ago. >> just to be clear: i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. >> pelley: but last month he signed a stopgap compromise with congress that raised taxes on families making more than $450,000 a year. as the budget negotiations continue now, we wondered whether he would return to his goal of extending higher rates to families at that $250,000 level. are you through raising tax rates? >> well, i don't think the issue right now is raisin
congress to pass a mix of spending cuts and tax increases to ease the immediate hit. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which might take about a week. and then, that pain may be enough to cause the people on capitol hill and the president to come to some sort of rational deal. >> reporter: the short-term budget fight comes as the medium-term outlook for federal red ink is improving. the congressional budget office figures the deficit will co
a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday, we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on tap for march actually take effect, will that push the country into recession? >> i don't know if it will push the country into recession, but here's what we know. the reason that the economy shrank a little bit, despite the fact that housing is recovering, manufacturing is going strong, car sales are up-- you know, the truth is, is that, overall there were a lot of positive signs in the economy. the big problem was defense spending was cut 22%. that was the biggest drop in 40 years. it was very abrupt. washington cannot continually operate under a cloud of crisis. that freezes up consumers. it gets businesses worried. we can't afford these self- inflicted wound
from 153,000 to 181,000. but the economy is facing new head winds with the payroll tax rising again from 4.2% to 6.2%. how much impact do you think the payroll tax hike is going to have on growth? >> consumers are faced with a drop in real disposable income of more than 2% in the first quarter. that's going to impact spending. that's going to shave at least a percentage point off of g.d.p. growth. >> reporter: and slower growth of course, means less hiring. but many economists believe that will only be a temporary setback to the economy while people adjust, scott. >> pelley: anthony, one of the worst problems in unemployment has been long-term unemployment. have we made a dent in that? >> reporter: scott, there are still 4.7 million people out there who are out of work more than six months, but this is encouraging. the average length a person is unemployed has dropped to 35.3 weeks, and that is now the lowest in more than two years. >> pelley: making a comeback. anthony, thanks very much. the white house is looking to head off a new supreme court battle over health care and specific
Search Results 0 to 8 of about 9 (some duplicates have been removed)